Commonly Used Terms

We've compiled a list of the most commonly terms that are referenced throughout, including in the endpoints.

Term	Definition
VoPay Balance	Every VoPay account has access to a wallet that serves as the starting point for all funds to be disbursed and the landing spot for all funds collected. Your VoPay Balance can be withdrawn to an external bank account through a variety of methods and similarly, funds can be added to your VoPay Balance. Funds in the Balance may be "Available" for spending/withdrawal or may be "Pending" when they are reserved or held for a transaction that is currently in progress
Fund	A transaction where funds are pulled from a debtor/payor and funded in to your VoPay balance
Withdraw	A transaction where funds are withdraw from your VoPay balance to pay out to a creditor/payee
Client Account	A virtual wallet assigned to an individual or business entity and can be used to hold or transfer value or other client accounts or to and from cards or bank accounts. More detailed available under Ledger Management
Account	A processing entity onboarded on to VoPay's platform with privileges to conduct transactions and other payment operations
Sub-Account	A child entity within an Account that is separated based on geography, business unit or operational characteristics and whose transactions and records are under a nested and separated ledger
iQ11 / iQ11 Token	iQ11 is a collection is data and intelligence services that improves the data and visibility provided by underlying payment schemes such as EFT/ACH. An iQ11 Token provides secure reference to a user's bank account and can be stored and used instead of having to pass around sensitive bank account information